Leesburg Marketplace has a new landlord and a significantly higher price tag. The west-side shopping center on West North Boulevard traded hands for $11.5 million, with the roughly 81,071-square-foot property reported as about 95% occupied and anchored by Ollie’s Bargain Outlet, Dollar Tree, and local favorite The Coffee Snob, according to the Leesburg Daily Commercial.
Marcus & Millichap, which marketed the deal, lists the center at 81,071 square feet on roughly 9.35 acres and highlights recent capital projects to the parking lot, signage, and exterior. The brokerage also pitches the center’s below-market average rents as a built-in value-add play for the buyer.
Price Jump Since 2023
The property last changed hands in 2023 for roughly $7.475 million, a sale announced by SRS Real Estate Partners. In less than a few years, that pricing gap tells you plenty about investor appetite for well-located, discount-anchored centers in Central Florida.
Why Investors Are Paying Up
Discount chains like Ollie’s and Dollar Tree do the heavy lifting on foot traffic, and the center’s average rent of about $10.21 per square foot trails the wider market, according to marketing materials from Marcus & Millichap. That spread gives the new owner room to nudge rents higher over time while still undercutting competing properties.
The same materials flag roughly $766,000 in recent capital improvements, meaning the buyer is stepping into a center that has already had some of the costly work handled, with mainly finishing touches left to support income growth.
For day-to-day shoppers and tenants, the ownership shuffle is not expected to trigger immediate drama. With occupancy hovering around 95% and leases largely in place, the tenant mix should remain steady for now. Local brokers say upgrades will likely zero in on curb appeal and parking, helping the center keep up with other Leesburg retail hubs while the new owner quietly works on the rent roll.
